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fund capital expenditures paid or incurred with respect to property located in a "recovery zone;" on August 17, 2009, the City Council of the City of Santa Ana (the "City") adopted Resolution No. 2009-046, designating the City as a "recovery zone" (the "Santa Ana Recovery Zone") for purposes of section 14000-1(b) of the Code; J. under the Federal Stimulus Act, the City has been allocated the authority to issue up to $5,872,000 principal amount of Recovery Zone Economic Development Bonds; K. to finance the 2010 Project, which will promote development or other economic activity in the Santa Ana Recovery Zone, as contemplated by section 14000-2(c) of the Code, the Agency has determined to issue its Community Redevelopment Agency of the City of Santa Ana Tax Allocation Bonds (Merged Project Area- Taxable Recovery Zone Economic Development Bonds), 2010 Series B, in the aggregate principal amount of not to exceed $5,870,000 (the "2010B Bonds" and, with the 2010A Bonds, the "2010 Bonds"), under the provisions of the Redevelopment Bond Law; L. the 2010B Bonds will be issued as bonds the interest on which is not excluded from gross income for purposes of federal income taxation; M. the Agency expects to receive a cash subsidy payment from the United States Treasury equal to 45% of the interest payable on the 2010B Bonds; N. the 2010 Bonds will be secured by a pledge of and lien on certain tax increment revenues allocated to the Agency for the Redevelopment Projects; and 0. the Agency has duly considered such transactions and wishes at this time to authorize proceedings for the issuance and sale of the 2010 Bonds; SECTION 2. Authorization. The Agency hereby authorizes the issuance of the 2010A Bonds to refund the 1998 Bonds and, if for any reason the Agency is unable to issue or determines not to issue the 2010B Bonds (hereinafter defined), to finance the 2010 Project, and authorizes the issuance of the 2010B Bonds. The 2010A Bonds will not include provision for the 2010 Project if the 2010B Bonds are issued. The 2010B Bonds will not be issued unless the 2010A Bonds are also issued although the 2010A Bonds may be issued alone. Resolution No. CRA 2010-005 Page 3 of 7